Kroger plans to invest $84 million in 15 store remodels in the Cincinnati and Dayton areas and a new store opening in Hamilton Township, Ohio, according to local reports.
The investment includes $39 million for the new, 123,000-square-foot Kroger Marketplace, which is set to open later this year and will include a Murray’s Cheese Shop, a Starbucks, and a fuel center.
The remaining $45 million is slated for renovations of stores in the Ohio towns of Mt. Washington, Sharonville, Colerain, West Chester, Middletown, Kings Mills, Blue Ash, Green Township, Monfort Heights, Fairfield, Lebanon, Kettering, and Huber Heights, and in Connersville, Ind.
The investment follows Kroger’s recent announcement that it would invest about $68 million in its Columbus, Ohio, division, including nearly $40 million for another 123,000-square-foot Kroger Marketplace store in the Jerome Village development in Jerome Township, Ohio. According to local reports, the retailer said the new store would be its “first net new store” in the Columbus region since 2009.
In addition to the new store, the Columbus-area investment would include remodels of 18 store locations in the Ohio towns of Grove City, Toledo Columbus, Mansfield, Pickerington, Jackson, Hebron, Port Clinton, Delaware, Fostoria, Sandusky, Groveport, Worthington, Heath, and Oregon.
In its fourth-quarter earnings call with analysts in March, the company said it was ramping up new-store development this year, even as it plans to divest dozens of stores as part of its planned merger with Albertsons.
“As part of our capital investment plans for 2024, we are excited to announce that we are building more new stores in a meaningful way that will support our long-term growth model,” said Rodney McMullen, chairman and CEO.
The company said it plans to complete 30 major store openings, relocations, and expansions in 2024, focusing on higher-growth areas that have a history of delivering strong returns on investment.
Kroger said it expects 2024 capital expenditures to be between $3.4 billion and $3.6 billion. In 2023, the company said it invested $3.6 billion in capex, up from $3.3 billion in 2022. Last year, the company added three net new stores, finishing the year with 2,722 locations.
